The Mark Moss Show "These are Crypto like returns, you can take advantage of it..." | Cory Klippsten and Ben Werkman
Oct 13, 2025
Cory Klippsten, founder of Swan Bitcoin, and Ben Werkman, CIO of Swan, delve into the fascinating world of Bitcoin-native treasury companies. They discuss how these innovative businesses depart from traditional finance, focusing on maximizing Bitcoin exposure. Topics include the rise of Bitcoin treasuries, the structural demand impacting Bitcoin scarcity, and the unique advantages of combining a growth business with active Bitcoin management. They also touch on balancing self-custody with equity exposure, revealing the future of Bitcoin capital formation.
AI Snips
Chapters
Transcript
Episode notes
Keep Bitcoin As Core Exposure
- Have 80% of your Bitcoin exposure directly in Bitcoin and keep the rest for other Bitcoin-related plays.
- Treat treasury equities as a supplement, not a replacement for your HODL stack.
Public Tickers Pull People Into Bitcoin
- ETFs and treasury companies are onboarding people who then learn deeper about Bitcoin and move down the funnel.
- Public tickers act as entry points that introduce many investors to Bitcoin.
Ben's Bitcoin Journey And Turning Point
- Ben found Bitcoin first in 2013, sold too early, then returned in 2016 and dove deep by 2020.
- Michael Saylor's MicroStrategy adoption in 2020 crystallized the corporate treasury play for him.